US President Barack Obama has rebuked Wall Street for risky banking practices during a speech in New York. He made the remarks even as he sought financial leaders' help to devise new banking regulations.

The Obama Administration is trying to break Republican opposition to a Senate measure, which could be debated next week. The House has passed its own version of financial overhaul legislation. Obama did not say which one he favored, but said that both bills represented a significant improvement on current regulations.

Barack Obama said, "I believe in the power of the free market. I believe in a strong financial sector that helps people to raise capital, and get loans and invest their savings. That is part of what has made America what it is, but a free market was never meant to be a free licence to take whatever you can get, however you can get it."